The £1,000 emergency fund challenge.

patman99 · 27 June 2015 at 2:24PM

Paid car bill today. The mechanic commented on how well looked after it was.

Added a few more quid to my main account via the coin deposit machine in NatWest so will send that over later in the week.

I have decided that once my EF reaches £1000 I will then bring into play a policy of getting my main account to £1500. Anything above this at months end will be divided amongst my creditors as each £1 extra reduces my dfd by 1 month.

abundant1972 · 27 June 2015 at 2:44PM

Hi All...

Debts all cleared now and so I can finally start building up and Emergency Fund...

I'm starting today wirh a deposit of £500.00

50% of this challenge cleared!

Keep up the good work everyone!!!

patman99 · 28 June 2015 at 3:54PM

Whoo-hoo to the debts being cleared.
That is something I need to aim at doing alongside this challenge.

sophieo16 · 28 June 2015 at 4:37PM

#60 update- i haven't updated in a while so i apologise for that

car insurance and repairs have my emergency fund sat at £341.34. more car repairs estimated at £100 ish are going to go ahead next weekend.
Im also moving house so need to pay rent in advance for that. so nothing will be added to my emergency fund next month because of that. I will get back up to the £1000! i will!

[Deleted User] · 28 June 2015 at 7:38PM

So much success from so many challenge members since I was here last. Whether it's reaching your targets already (I'm in total awe of that one:j) or adding to your funds, you're all doing amazingly:T.

Don't worry if you've had to raid your funds for life's emergencies. That's what it's there for after all;).

A special 'well done' to patman for having some very well-deserved success after doing everything possible to get a job and then getting some money together and showing us all the way. You've inspired us all to do this challenge, patman, so have a virtual beer or two on me:beer:

I've had to take my eye off the money-making ball this past week as my adored cat went missing for 5 days and I could think of nothing else but finding him. Missed 2 good car boot days but what the heck? Happily he came home safe and sound early this morning:j. He's never done anything like it before in his 7 year life so I think he was accidentally locked in someone's shed or outbuilding. In such a rural area there are loads of farms etc where he could end up.

Made about £335 in the past couple of weeks before this trauma, from selling at car boot sales and on Amazon. Haven't added money to EF total as knew it was needed straight away. Today I've renewed my car insurance (£228) and paid my car tax (£180)online (total for these two is £408). Changed insurers so have £40 cashback coming but won't be until September:(.

Have taken £73 out of my EF to make up the shortfall. May take the cat to the vet tomorrow for a quick check, although he isn't injured. Will see how it goes, the vet's charges are exorbitant but the cat means everything to me. Also, MOT booked in for Tuesday July 7th. Will be £35 (unless I need something fixing:eek:). The luck I've had with the car this past year I won't be celebrating until after the event:(

Have a good week, all:beer:

so_very_confused · 29 June 2015 at 6:13PM

Wow everyone's doing so very well!
Congrats:T

Sorry to here about your cat Carbooty glad it's safe and sound.

Well I reached the amazing sum of £1700 in my EF then have promptly spent it on a new/old car. I never thought I could reach enough to get something worth having. This should last the life of my dmp (30 months and counting....) without the almost daily worry of having no vehicle for work.

So the Ef is back to nought......but onwards and upwards:rotfl:

[Deleted User] · 29 June 2015 at 8:00PM

Thank you, so very confused:T

Great news about your car:T. Actually, I'm green with envy and will probably be even greener if mine fails its MOT early next month. There are some real bargains to be had in that price range. I admit to looking round myself 'just in case' but I'm nowhere near enough with my savings yet. Maybe next year:j

Happy and trouble-free motoring:beer:

patman99 · 29 June 2015 at 10:18PM

Glad your cat found it's way home again carbootcrazy.

SVC having a decent car to begin with and then keeping it serviced makes full financial sense as in the long run, you will save more money than having an old banger that needs work on it nearly every other week.

Not sure I will get paid tomorow for last week as the admin lady has been on her holidays and even though she left me an hours form for me to fill in, I'm not sure whether or not my manager signed it and faxed it across in time as she was out of the office when I left on Friday and is now on holiday herself.

Luckily, I have enough money to not have to worry about that even after paying for the car service.

Btw, thanks for the virtual beer. Met up with some of my fellow Scout Leaders at a sausage and beer festival on Sat. and actually had 3 pints of a cherry flavoured cider called 'Dudda Tun' which was 5% and still managed to walk the 3 miles home (caught the bus there, but was not prepared to wait 45 mins for the return bus).

As a group of leaders and parents, we did manage one casualty when a parent decided she would relive her childhood and try climbing a cherry tree. She fell out and was carted-off on a scoop c/w kneck brace and straps.

so_very_confused · 29 June 2015 at 11:00PM

Thanks Carbooty fingers crossed for your mot......god knows I've been there over n over again.

Patman you are spot on regards the car, mine was becoming the biggest money pit. Coupled with everytime it was in the garage I'm paying £40 a day in taxis to get to work, it was barely worth me going! I'm seriously considering getting warranty on it.

Hope the pay comes through but it must be a comfort to know you can manage.

As for your day out.........you lead an exciting life:eek:

Looking to try and get some overtime to start building EF. It was a lovely feeling having some money in the bank!

svc:)

patman99 · 30 June 2015 at 5:15PM

My timesheet must have gone through ok as I got paid.

The £1,000 emergency fund challenge.

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